An excellent cross-border payment solution can become the catalyst for building stronger brands, fostering trust, and ensuring customer loyalty. With the right partners and a customer-centric approach, financial institutions can tap into new markets, serve diverse needs, and pave the way for financial inclusion on a global scale.
When building a cross-border payment solution, it is important to make the user flow as seamless as possible. The process should be simple and easy to understand so users do not encounter any friction when making their transactions. As manual payment processes like ACH, wires and even paper checks are phased out by newly designed digital solutions, it is imperative to make the transition for customers as simple as possible.
Transparency is key throughout the payment journey. Clarifying upfront the critical information about fees, exchange rates, and transaction status provides a hassle-free user experience and reduces the uncertainty which can lead to incomplete and/or abandoned transactions. FIs must ensure that users have easy access to comprehensive and real-time information pertinent to the transaction, not only to simplify the process, but to solidify consumer trust
In an era of instant gratification, lengthy processing times can be a significant turn-off for users. Delays in fund transfers can disrupt financial plans and create uncertainty. Furthermore, as initiatives like FedNow become the new normal, more consumers will expect increasingly accelerated transaction times, even when sending funds overseas. FIs should strive to provide expedited and predictable transaction processing.
In the competitive landscape of cross-border payments, addressing these challenges becomes paramount. Users need not only find the process simple and secure, but also have unwavering confidence in the platform they choose.
When users find an experience that aligns with their expectations, it becomes more than just a financial transaction, and opens the potential to transform into a pipeline of long-term loyal customers for the financial institution in question. As cross-border payments are projected to reach a staggering $250 trillion by 2027, this relationship is a true value-add. For early adopters, this seamless cross-border payments experience can be a differentiator that allows FIs to capture the market, not just for one-time use, but for regularly occuring cross-border payments.
Global payments are one of the few Fintech solutions that hit close to the heart, as they strengthen and solidify familial relations. This means consumers are more likely to stay loyal to a brand long term that helps them retain that closeness.
When senders and recipients have a joint, positive experience of sending and receiving funds, it creates a lasting habit. Users become accustomed to the convenience and reliability that the experience offers. In an age where 75% of consumers expect real-time payments, once they find a platform that offers a hurdle-free remittance experience, they’re going to stick with it. Just as building trust takes time and experience to solidify, once it’s earned customers are unlikely to look elsewhere, due to the hassle factor alone.
Furthermore, customers are likely to turn to a brand they already trust when their needs expand. Upselling customers becomes a breeze when they confidently rely on their FI for a service that is so meaningful to them and their families. They’re also more likely to talk about this type of deeply personal experience to their friends and communities, leading to more upside in terms of word-of-mouth referrals.
Flawless experiences for a connected world.
As we consider the future of cross-border payment solutions, we envision a world where these transactions are not just financial exchanges but the threads that bring together a tapestry of global relationships. On the road ahead lies continuous innovation, where user experience reigns supreme.
FIs that recognize the transformative power of flawless, user-centric experiences will be the architects of tomorrow’s cross-border payments landscape. It’s the relentless pursuit of excellence and unwavering commitment to meeting and exceeding user expectations that will set the stage for the future where cross-border payments are expressions of trust and connectivity.
Brightwell’s ReadyRemit simplifies global remittances, empowering FIs to elevate customer experience, fortify brand loyalty, and drive revenue. As the landscape of cross-border payments continues to evolve, turn to ReadyRemit to build stronger brands, one transaction at a time.
Learn more about ReadyRemit's powerful features and how it can transform your financial institution.